Money Saving Tips for Small Businesses

The world of business is highly competitive and always changing. In order to be successful, small start-ups must embrace a flexible approach and be constantly mindful of the balance between their outgoing expenses and the profits coming in. When competing against well-established companies, it’s important that small businesses do everything they can to boost their bottom line. There are plenty of simple ways that small businesses can save money, and most of them are easy to implement.

Smart Technology Choices

Laptop computers consume around 90 per cent less energy than their desktop equivalents. Think about whether your office really needs to invest in desktop computers, when portable alternatives are cheaper, lighter and will save you money in the long term. You can even go a step further and purchase second hand laptops from specialist retailers like SSC Trade. By using second hand technology, you’ll save a packet on the cost of kitting out your office. Another way to save money is to review your office telephone usage and research ways to reduce this expense. You may want to cut down on the number of phone lines that your office has, change your usage plan or replace your current provider with an internet based service. For instance, When in need of a loan, one can always leverage the equity of their home. It is important to become familiarized with a home equity line of credit.

Office Supplies

How often do you order office supplies? You should order in bulk once a month or once every two month. Printer ink can be very expensive and have a serious impact on your budget, so look into ways to cut down your use of ink. Encourage employees to share printers and print only when absolutely necessary. Moving towards a paperless office is great both for your budget and for the environment. You can also save money by using staff to do simple things like turning their computers off at the end of the day, and therefore reducing your office energy bills. Consider having overhead lights fitted with daylight sensors. These sensors will automatically switch off lights if there’s enough natural light in the office.

Working Remotely

Renting a commercial space can be a very costly endeavour, so it’s important to think about how big your office really needs to be. If some members of staff would be better suited to working at home, why not offer this to them? Employees who have young children or elderly parents to look after will appreciate the opportunity to work remotely, and this will save your business valuable office space. The unused space can be sublet or you could make a deal with your landlord and negotiate not paying for rooms that are not in use.